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Summary
[La emisión de 28.000 millones de derechos de CITIC Securities “frió la olla”, el precio de las acciones se desplomó casi un 6%]On March 1, the price of CITIC Securities A shares soared and fell, with an intraday drop of almost 8%, and then the decline was reduced, at the close of the market it fell by more than 5.98%. On March 1, the market value of CITIC Securities fell from 321.959 billion yuan to 304.6 billion yuan, falling to 17.3 billion yuan in one day. (Times of values)
On the first trading day of March, A shares ushered in a good start, butBrokerageFaucetCITIC valuesBut it led the decline in the securities sector.
March 1,CITIC valuesThe price of a share soared and fell, the intraday fall was close to 8%, and then the fall narrowed, at the close, it fell by more than 5.98%. On March 1CITIC valuesMarket valueFrom 321.959 billion yuan to 304.6 billion yuan, the market value fell to 17.3 billion yuan in one day.
The monarch is not silverteamthink,CITIC valuesAssignmentThe purpose is to meet regulatory liquidity alert requirements, and this allocation is expected to helpCITIC valuesFurther enhance capital strength, scale up the derivatives business, accelerate desk expansion, and better serve institutionsclientinvestmentThe demand, which in turn drivesthe companyPerformanceGrowth, but is expected to have a negative impact on ROE in the short term.
The award plan is great
28 billion yuan scale shows its power
A reporter for the Securities Times reviewed the data and found that in the 23 business days from January 21 to March 1,CITIC valuesA shares fell all the way, reaping 18 Yinxian, a range drop of 17.62%. In the same range, the index of securities companies (399975.SZ) fell 11.47%,The Shanghai Composite IndexIt was only down 0.88%.
Recently, the performance of the brokerage sector has not been satisfactory. On March 1, the sharp drop in CITIC Securities’ share price caused many stocks in the securities sector to go green and 22 brokerage stocks fell. among them,Industrial valuesA decrease of 5.51%,Founder’s ValuesDown 1.16%,Changjiang Values、China Merchants Values、GF Values、Southwest Values、Guotai JunanThe decreases were all greater than 0.6%.
As for the sharp drop in CITIC Securities that day,marketExpected.On the night of last Friday (February 26), CITIC SecuritiesadAccording to the statement, it is proposed to use the total number of shares after the market close on the day of registration of the A / H share rights issue as the basis, and distribute to all A / H shares in a ratio of no more than 1.5 sharesshareholderAssignment of assignments. Approximately no more than 28 billion yuan will be raised, which will be used to develop equity brokerage business,Information systemConstruction and so on. The allocation ratio of A shares and H shares is the same.
As soon as the announcement came out, investors were in an uproar and some shareholders even claimed that CITIC Securities “does not talk about military ethics.” Under normal circumstances, the allotment is the allotment of shares to all shareholders. Due to the discounted allowance, it is generally required. If the shareholders do not participate, the market value of their shares will decrease. According to CITIC Securities’ own calculations,Net profitUnder the condition of 10% growth, the company’s earnings per share will be diluted to 1.22 yuan after issuance.
Meet regulatory liquidity requirements
Why does CITIC Securities assign shares? This includes two questions: one is why refinancing is required, and the other is why refinancing is required by award.
Guojun’s non-banking team believes that the purpose of CITIC Securities allocation is to meet regulatory liquidity alert requirements.
In the second half of last year, a notice issued by the Shenzhen Securities Regulatory Office showed that CITIC Securities’ net stable funding ratio was below the warning standard for 8 consecutive business days, and the liquidity coverage ratio it continued to fluctuate around the warning standard. . According to statistics from the Securities Times reporter, in the 2020 semi-annual report, CITIC Securities’ liquidity coverage ratio was 135.33%, the lowest among all publicly traded securities firms. At the same time, CITIC Securities’ net stable funding ratio was 123.16%, close to the regulatory alert line. And this can be the result of the full use of funds by the broker.
The monarch is not silverAnalystLiu Xinqi believes CITIC Securities is expected to consume more capital for the company due to its derivatives business. The company’s liquidity indicators are relatively tight recently. The liquidity coverage ratio has fallen from 247.92% at the end of 2018 to 135.33% in 20S1. which is close to the early warning standard of 120%; net The stable financing rate fell from 156.16% at the end of 2018 to 123.16% in 20H1 (123.95% at the end of 2019), which is very close to the early warning standard of 120%. To reduce liquidity risk and meet regulatory liquidity warning requirements, it is necessary to replenish capital in time to expand the business on the basis of controllable risks.
Liu Xinqi said the CITIC Securities allocation will help the company further enhance its capital strength and enhance its capital advantage in the new round of industry competition. It is expected to increase the scale of the derivatives business, accelerate balance sheet expansion, and better serve the investment needs of institutional clients, thereby promotingcompany achievementsGrowth, but is expected to have a negative impact on ROE in the short term.
CITIC Securities stated that there are four needs for this award: one is to respondNational strategy, To create a brokerage agency “at the aircraft carrier level”; The second is to respond to increasingly fierce industry competition and actively participate ininternational marketCompetence; the third is to promote the companystrategyTo achieve the goal, help the company to “become the most reliable domestic and international first-class Chinese investment for global customers.”Bank“; The fourth is to reduce liquidity risks and improve the company’s ability to resist risks.
Since last year
At least 6 brokerages have completed the assignment.
The main ways that listed companies can carry out stock refinancing are fixed raise, allocation,Convertible bondsWait. After the new regulations are published,Fixed growth marketRapid expansion, but why do brokerages tend to adopt the allotment method?
The director of a brokerage investment bank analyzed to a Securities Times reporter that the award requires the participation of the original shareholders of the listed company, which will cause financial pressure on the original shareholders, and the subscription rate of less than 70% means that the award has failed and the issuance is relatively difficult. However, if the company’s existing major shareholders accept the award, this method is also an effective way to refinance.
Data shows that since January 2020, the securities industry has at leastGuoyuan Values、China Merchants Values、Shanxi Values、Soochow Values、Tianfeng Values、China Sea SecuritiesAnother six securities companies successfully implemented the allocation plan, with a subscription rate above 95%, and the total fundraising scale was about 37.27 billion yuan.
(Source: Securities Times)
(Editor-in-charge: DF512)
I solemnly declare: The purpose of this information is to spread more information, and it has nothing to do with this booth.
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